Availability of rental properties falls

The Association of Residential Letting Agents (ARLA) has reported a fall in the number of rental properties available to tenants during May. The supply of rental property fell by 7% from April, with only 179 properties managed per ARLA branch in May. This represents the lowest level recorded this year. Although the number of available properties may be falling, demand is remaining constant with ARLA members reporting 36 potential tenants registered per branch in May – the same as the previous two months. With demand outstripping supply it’s unsurprising that agents are reporting an increase in rents.